Laurence Rapp-led Vukile Acquires Mall In Portugal For 72 Million

Vukile acquires Forum Madeira for 63.3 million72.2 million, enhancing its Iberian presence in a booming tourism market.

The shopping center boasting full occupancy features top retailers, attracting over 5 million visitors annually and serving a catchment of 250,000 residents.

The deal, expected to close by Apr. 30, is projected to deliver an 11.8 cash-on-cash return, capitalizing on Madeiras 23.4 economic growth since 2019.

Vukile Property Fund Limited, a Johannesburg-based property fund led by South African businessman Laurence Rapp, has taken a major step in growing its retail presence in Iberia. The company recently acquired the Forum Madeira Shopping Center in Funchal, Portugal, for 63.3 million 72.2 million.

This acquisition boosts Vukiles position in the market and sets it up to compete directly with Barry Stuhlers Lighthouse Properties, as the company now operates across both South Africa and the Iberian Peninsula.

The deal was executed through Vukiles 99.5-percent owned subsidiary, Castellana Properties SOCIMI, S.A., which utilized its 70-percent stake in Caminho Propcio SIC Imobiliria Fechada S.A. to acquire the full share capital of the property-owning entities from Germanys DWS Grundbesitz GmbH.

This strategic purchase, partially funded through cash and 28 million 31.94 million in local debt, is expected to offer immediate value to Vukiles growing portfolio. With a loan-to-value ratio of 38.5 percent, the property is valued at 72.8 million 83.08 million by X-Yields.

Forum Madeira is a well-established 21,472-square-meter shopping center in the thriving tourism hub of Funchal. The mall is fully occupied, with key retailers like Inditex brands, Pingo Doce, and Cinema NOS anchoring the center. The shopping center attracts 5.4 million annual visits, generating 4,694 5,319 in sales per square meter.